A drop in job growth and a rise in new residential construction have caused the average rent rate in Houston to decrease significantly.
The Houston Chronicle reports that, according to data from the apartment listing firm Abodo, the city’s average rent is down 14 percent over the last month. A typical one-bedroom apartment was $1,521 in July, and is now $1,306 in August.
Cleveland and Mesa, Ariz., experienced nine percent decreases in rent prices in August.
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